We prepared Fe- and Sn-codoped colloidal In2O3 nanocrystals (∼6 nm). Sn doping provides free electrons in the conduction band, originating localized surface plasmon resonance (LSPR) and electrical conductivity. The LSPR band can be tuned between 2000 and >3000 nm, depending on the extent and kind of dopant ions. Fe doping, on the other hand, provides unpaired electrons, resulting in weak ferromagnetism at room temperature. Fe doping shifts the LSPR band of 10% Sn-doped In2O3 nanocrystals to a longer wavelength along with a reduction in intensity, suggesting trapping of charge carriers around the dopant centers, whereas Sn doping increases the magnetization of 10% Fe-doped In2O3 nanocrystals, probably because of the free electron mediated interactions between distant magnetic ions. The combination of plasmonics and magnetism, in addition to electronic conductivity and visible-light transparency, is a unique feature of our colloidal codoped nanocrystals.